Report Generator For Allowing A Financial Entity To Monitor Securities Class Action Lawsuits And Potential Monetary Claims Resulting Therefrom

ABSTRACT

Reports are automatically created of securities class action lawsuits customized to show potential monetary claims resulting from the lawsuits for securities purchased or acquired by one or more financial entities. To produce the reports, a database of securities class action lawsuits is maintained. The lawsuit database includes a subset of securities class action lawsuits that are deemed to be noteworthy by the entity that administers the system. A comparison is made for each financial entity of transaction activity of the financial entity with records in the database subset of securities class action lawsuits to identify any securities purchased or acquired by the financial entity that are associated with a securities class action lawsuit in the lawsuit database and which may provide a potential monetary claim for the financial entity. A report is then created for each financial entity showing the noteworthy lawsuits. For the lawsuits that were identified as providing a potential monetary claim for the financial entity and which are deemed to be noteworthy, the report includes the potential monetary claim for the financial entity based on the transaction activity of the financial entity. A similar process occurs for creating a watchlist report of securities class action lawsuits of interest to financial entities customized to show potential monetary claims resulting from the lawsuits for securities purchased or acquired by one or more financial entities.

CROSS-REFERENCE TO RELATED APPLICATIONS

This application is a continuation of copending U.S. application Ser. No. 12/562,406 filed Sep. 18, 2009, which, in turn, is a continuation of U.S. application Ser. No. 11/545,799 filed Oct. 10, 2006, now U.S. Pat. No. 7,593,882, which, in turn, is a continuation-in-part of U.S. application Ser. No. 10/641,578 filed Aug. 14, 2003, now U.S. Pat. No. 7,146,333. The entire disclosure of each of these patent applications are incorporated herein by reference.

COPYRIGHT NOTICE AND AUTHORIZATION

Portions of the documentation in this patent document contain material that is subject to copyright protection. The copyright owner has no objection to the facsimile reproduction by anyone of the patent document or the patent disclosure as it appears in the Patent and Trademark Office file or records, but otherwise reserves all copyright rights whatsoever.

BACKGROUND OF THE INVENTION

Many financial entities, such as investment companies and publicly and privately held investment funds have a fiduciary responsibility to manage their assets for the exclusive benefit of their shareholders or beneficiaries. One aspect of this duty is to take all reasonable steps to collect any money that the financial entity may be entitled to for securities that were purchased or acquired by the financial entity and that suffered a “market loss” which was determined to be compensable in a securities class action lawsuit (also, referred to as a “securities fraud class action”).

When a securities class action lawsuit is filed or concluded, no party in the lawsuit is required to identify all of the financial entities that suffered a market loss. When a securities class action lawsuit is concluded, a “settlement notice” is issued. Parties who believe that they are entitled to an award under the terms of the settlement notice (i.e., class members) must timely file a “proof of claim” with a claims administrator to receive monies from the settlement. The burden falls on the financial entities that suffered the loss to identify their eligibility to participate in the lawsuit and to receive a recovery award.

Hundreds of securities class action lawsuits are filed every year. Since securities class action lawsuits are typically pending for many years, there may be thousands of such lawsuits pending at any time. A large financial entity such as a public pension fund may hold thousands of securities at any one time, and may trade thousands of securities each year. To be eligible for a monetary award from a securities class action lawsuit, the security typically must have been purchased during the “class period” specified in the lawsuit. Sometimes, eligibility exists if the security was acquired (by other than a purchase) or sold during the class period.

It is a complex and monumental task for financial entities to monitor all significant securities class action lawsuits to (a) determine when a potential market loss exists for security that was purchased or acquired by the financial entity during the class period, (b) estimate the amount of loss, and (c) determine whether it is prudent to take measures to try to recover part of the loss. Accordingly, many financial entities take no measures to identify and seek recoveries despite the fiduciary responsibility to do so.

In instances where a financial entity suffered a significant estimated market loss, it may be prudent for the financial entity to play an active role in the lawsuit, such as by being a lead plaintiff or by filing an individual action. However, this decision will be forfeited if the financial entity fails to identify their estimated market loss early on in the lawsuit. If the estimated market loss only justifies a passive role for the financial entity, it is still necessary for the financial entity to monitor the lawsuit if a recovery is desired.

An automated management tool that allows a financial entity to receive reports which evaluate their position with respect to any given securities class action lawsuit and which track any identified potential market loss through the conclusion of a lawsuit would allow financial entities to more easily fulfill their fiduciary responsibility with respect to securities class action lawsuits without unduly burdening the financial entities with administrative tasks. The present invention fulfills such a need.

BRIEF SUMMARY OF THE INVENTION

In a first embodiment, the present invention provides a system and method that automatically creates reports to allow a financial entity to review and track potential monetary claims resulting from securities class action lawsuits for securities purchased or acquired by the financial entity. To create the reports, a first database of transaction activity for the financial entity is accessed. The transaction activity includes an identification of each security purchased or acquired, and the date of each purchase or acquisition. A second database of securities class action lawsuits is accessed. The second database includes for each lawsuit an identification of all securities associated with the class action lawsuit, and the class period of the lawsuit. The transaction activity of the financial entity is automatically compared with the securities class action lawsuits in the second database, and any securities purchased or acquired by the financial entity during the class period that are associated with an entered securities class action lawsuit are identified. The identified securities may provide a potential monetary claim for the financial entity. A report is then automatically created of at least the lawsuits that may provide a potential monetary claim for the financial entity based on the transaction activity of the financial entity. The report also includes estimated market loss and eligible loss information, as well as any actions recommended to be taken by the financial entity regarding the lawsuits.

In a second embodiment, the present invention provides a method of creating reports of noteworthy securities class action lawsuits customized to show potential monetary claims resulting from the lawsuits for securities purchased or acquired by one or more financial entities. The method operates as follows:

1. A database of securities class action lawsuits is maintained. 2. The lawsuit database includes a subset of securities class action lawsuits that are deemed to be noteworthy by the entity that administers the system. 3. A comparison is made for each financial entity of transaction activity of the financial entity with records in the database subset of noteworthy securities class action lawsuits to identify any securities purchased or acquired by the financial entity that are associated with a securities class action lawsuit in the lawsuit database and which may provide a potential monetary claim for the financial entity. 4. A report is created for each financial entity showing the noteworthy lawsuits. For the lawsuits that were identified as providing a potential monetary claim for the financial entity and which were deemed to be noteworthy, the report includes the potential monetary claim for the financial entity based on the transaction activity of the financial entity.

In the second embodiment, the present invention also provides method of creating watchlist reports of securities class action lawsuits of interest to financial entities customized to show potential monetary claims resulting from the lawsuits for securities purchased or acquired by one or more financial entities. The method operates as follows:

1. A database of securities class action lawsuits is maintained. 2. A watchlist database of lawsuits is maintained for each financial entity which includes a subset of lawsuits in the database that are identified by the financial entity as lawsuits of particular interest. 3. A comparison is made for each financial entity of transaction activity of the financial entity with records in the database subset of securities class action lawsuits to identify any securities purchased or acquired by the financial entity that are associated with a securities class action lawsuit in the lawsuit database and which may provide a potential monetary claim for the financial entity. 4. A watchlist report is created for each financial entity of the watchlist lawsuits. For the lawsuits that were identified as providing a potential monetary claim for the financial entity and which are on the watchlist, the watchlist report includes the potential monetary claim for the financial entity based on the transaction activity of the financial entity.

BRIEF DESCRIPTION OF THE DRAWINGS

The foregoing summary, as well as the following detailed description of preferred embodiments of the invention, will be better understood when read in conjunction with the appended drawings. For the purpose of illustrating the invention, there is shown in the drawings embodiments which are presently preferred. It should be understood, however, that the invention is not limited to the precise arrangements and instrumentalities shown.

In the drawings:

FIGS. 1-22 are screen shots and report printouts associated with a first embodiment of the present invention, implemented as a web-enabled service.

FIGS. 23-31 show additional reports that are available when using the system of the present invention in accordance with a first embodiment.

FIG. 32 is a database diagram of the report creation and accessing in accordance with a first embodiment of the present invention.

FIG. 33 shows a representation of transaction activity as obtained from the custodial records of a fictional financial entity in accordance with a first embodiment of the present invention.

FIG. 34 is a schematic diagram of the custodial record retrieval and storage process.

FIGS. 35-39 show sample input screens for entering lawsuits into a database and for tracking client data in accordance with a first embodiment of the present invention.

FIG. 40 shows the data associated with an estimated market loss calculation in accordance with a first embodiment of the present invention.

FIG. 41 shows the data associated with an eligible loss calculation in accordance with a first embodiment of the present invention.

FIGS. 42A-42B and 43-45 are screen shots and report printouts associated with a second embodiment of the present invention, implemented as a web-enabled service.

FIG. 46 is a loss chart associated with a second embodiment of the present invention.

FIG. 47 is a client summary report associated with a second embodiment of the present invention.

FIG. 48 is a client transactions summary report associated with a second embodiment of the present invention.

FIG. 49 is a retention value summary report associated with a second embodiment of the present invention.

FIG. 50 is a report output that shows recent noteworthy cases associated with a second embodiment of the present invention.

FIGS. 51A-56 are additional report outputs associated with a second embodiment of the present invention.

FIG. 57 is an entity relationship diagram of the database associated with a second embodiment of the present invention.

DETAILED DESCRIPTION OF THE INVENTION

Certain terminology is used herein for convenience only and is not to be taken as a limitation on the present invention. In the drawings, the same reference letters are employed for designating the same elements throughout the several figures.

This patent application includes an Appendix having a file named appendix601942-1U1.txt, created on Sep. 18, 2009, and having a size of 142,049 bytes. The Appendix is incorporated by reference into the present patent application. The Appendix is subject to the “Copyright Notice and Authorization” stated above.

1. Overview of First Embodiment of Present Invention

One preferred embodiment of the present invention is described in the context of a service provided by Barrack, Rodos & Bacine, Philadelphia, Pa., a partnership including professional corporations. The service, referred to as BEAMS®, allows a financial entity to access various types of static reports via the Internet by logging onto a website. The service updates the reports on a periodic basis to reflect the most current information pertaining to the financial entity and the status of securities class action lawsuits tracked by the service.

Preferably, the service is provided to a plurality of financial entities or clients. (“Financial entities” and clients are referred to interchangeably herein.) Each financial entity has password protected access to receive only reports that pertain to their portfolio.

The financial entity may be any form of entity that has an identifiable investment portfolio. Therefore, the financial entity may be an investment company, a pension fund, a trust, an individual investor, or the like.

To generate the reports, the service performs the following functions, each of which is described in detail below:

1. Maintain a first database of transaction activity (e.g., trading records) for a financial entity. The transaction activity includes at least an identification of each security purchased or acquired, and the date of each purchase or acquisition.

2. Maintain a second database of securities class action lawsuits. The second database includes for each lawsuit at least an identification of all securities associated with the class action lawsuit, and the class period of the lawsuit.

3. Compare the transaction activity of the financial entity with the securities class action lawsuits in the second database.

4. Identify any securities purchased or acquired by the financial entity during the class period that are associated with an entered securities class action lawsuit. The identified securities may provide a potential monetary claim for the financial entity.

5. Calculate an estimated market loss for each of the identified securities, and upon settlement of the respective lawsuit, calculate the eligible loss.

In one preferred embodiment of the present invention, four different types of reports are generated, as follows:

1. Class Action Activity Filing Report (by company name or lead motion due date). This report shows all lawsuits in the second database, including any lawsuits that do not provide a potential monetary claim for the financial entity based on the transaction activity of the financial entity.

2. Pending Class Action Monitor Report (by company name or lead motion due date). This report shows only the lawsuits in the second database that provide a potential monetary claim for the financial entity based on the transaction activity of the financial entity.

3. Pending Claims Administration Report (by case name or claim deadline date). This report shows both the estimated loss and the eligible loss for the financial entity.

4. Claims Recovery Report (by company name or recovery forward date). This report estimated loss, eligible loss, and the recovery received.

2. Detailed Disclosure of First Embodiment of Present Invention

One important feature of the present invention is the ability to present the reports described above to the financial entity. To illustrate the report capabilities and report accessing process, a sample instruction manual is provided below. In the sample, reports for an imaginary financial entity entitled “Nirvana Pension Fund” are shown. The reports are shown as screen shots and are also shown as they appear if printed out. The securities class action lawsuits shown in the reports are actual lawsuits. In the illustrated example, the client (Nirvana) accesses the reports via the Internet by using a browser to log onto a web site.

I. Instruction Manual How to Access Nirvana's Reports Through Barrack, Rodos & Bacine's Web Page

1. Go to www.barrack.com 2. Click on “Click here to enter main site,” which is below opening graphic 3. Click on the “Institutional log-on” button in the upper-right corner 4. A Network Password box, as pictured in FIG. 1, will prompt you to enter your User Name and Password information, which has been provided to you by Barrack, Rodos & Bacine (“BR&B”) 5. You are now on the Barrack, Rodos & Bacine/Nirvana's Report Links page (pictured in FIG. 2)

Client Reports Available via Barrack, Rodos & Bacine Web Site

There are four types of reports, each of which is sorted in two ways. To run any of the eight reports listed below, click on the report name. Descriptions of these reports and how to use are described below in sections A-D.

What is the (?): When you click on the (?) next to the name of a report, a brief description of that report is displayed.

A. Class Action Activity Filings Report (sorted By Lead Motion Due Date) and Class Action Activity Filings Report (Sorted by Case Name) What Are These Reports: These reports provide an overview of securities class actions filed since (DATE). The report can be used to determine whether Nirvana had a position in any given case. If there were no transactions during a given class period, there is “no activity,” therefore Nirvana has no claim and no action is recommended. If, however, there are transactions during the relevant class period, calculations are made in order to determine whether Nirvana suffered a loss as a result. If Nirvana suffered a loss in a given case, that loss appears in the “Estimated Market Loss” column. Analysis is made as to the appropriate action to take, which is listed in the “Action Recommended” column. When a loss has been suffered, the case also appears on the Class Action Monitor Report. i. Trade Status Terms

Abbreviation Description

ACT Activity during Class Period

ACTFGN Activity/Foreign Shares Only ACTFGNBNDS Activity/Bonds & Foreign Shares Only

ACTPFT Activity/Profit during Class Period

BONDS Bonds Only DINC Data Incomplete D/N/A Data Not Available

NACT No Activity during Class Period

SRCHPEND Search Pending CALUR Calculation Under Review CHINPROG Chart in Progress

ii. Action Recommended Terms

Abbreviation Description FDA File Derivative Action FIA File Individual Action INV Further Investigation Required LOCP Loss Outside of Class Period/Possible Individual Action M Monitor MPS Monitor/Pending Settlement N None NCF None/Claim..Filed NRR None/Recovery Received PC Possible Claim

PLOCP Partial Loss Outside of Class Period/Possible md. Action

RL Recommended Lead RLM Recommended Lead/Moved RLA Recommended Lead/Appointed UR Under Review

This is How it Works: When BR&B receives notice that a securities class action suit has been filed, BR&B searches your fund's transaction information for purchases of that particular stock during the reported class period. These reports will list the class actions that have been filed during a specific time period. For Nirvana, cases filed as early as (DATE) may be selected to be listed on this report. These reports will list the cases that have been filed during a specific time period listing the transaction results from the search. These reports include cases that BR&B has searched on behalf of your fund, noting whether or not it had activity during the class period or if the data is not available.

The following information is listed on this report: Lead Motion Due Date, Company/Case Name; Ticker; Cusip/ISIN; Class Begin Date; Class End Date; Expanded Class Begin; Expanded Class End; Trade Status; Estimated Market Loss; Profit; Action Recommended (by BR&B).

How to Run The “Activity Filings” Reports: When you click on the report name, a screen, pictured in FIG. 3 is displayed.

“Start Date”—“End Date” boxes require dates. The dates that are being requested are the Case Filed dates. For example, you may want to see the class action cases that were filed during the time period of Jan. 1, 1998 through Aug. 1, 2003 in which BR&B searched Nirvana's transactional information. The dates should be entered as displayed above. Click OK.

The report will appear on your screen as pictured in FIG. 4.

You may: (a) view this entire report on the web; (b) print the report; (c) download the report to an Excel spreadsheet; or (d) search for a particular item.

Search Feature: You may enter the name of any company, ticker symbol, cusip number in the search box field, and a window will be displayed with the search results. To Print this Report: Select “Printer-Friendly” above and “Download”. The Report will be displayed as pictured in FIG. 5. Choose File and Print (remember that all reports should be printed in “landscape”.) (Note: full printouts of the “Activity Filings” reports are shown in FIG. 6 and FIG. 7.) To Download to Excel: Choose the Excel option and “Download”.

B. Pending Class Action Monitor Report (Sorted by Lead Motion Due Date) and Pending Class Action Monitor Report (Sorted by Case Name)

What Are These Reports: These reports serve as a monitoring tool to assist the Nirvana's board and staff in monitoring cases in which Nirvana has a loss position. When losses are incurred which exceed Nirvana's thresholds for consideration of lead plaintiff status, BR&B will analyze the case and make a recommendation as to the appropriate action, providing a copy of such analysis to Nirvana's General Counsel. As settlement notices occur in the future, such notices will be monitored and appropriate action will be recommended. Typically, the case will be moved to the Claims Administration Report. If, however, we determine the settlement is inappropriate in some way, other action (such as opting out or objecting) may be recommended.

No New Terms Appear on This Report.

This is How it Works: When BR&B receives notice that a securities class action suit has been filed, BR&B searches your fund's transactional information for its purchases in that particular stock during the reported class period. This report will list only those class actions for which BR&B has performed a search for Nirvana and for which Nirvana has suffered a loss.

Listed on this report is the following information for each case: Lead Motion Due Date, Company/Case Name; Ticker; Cusip/ISIN; Class Begin Date; Class End Date; Expanded Class Begin; Expanded Class End; Trade Status; Estimated Market Loss; Action Recommended (by BR&B).

How to Run The “Monitor” Reports: When you click on the report name, a screen, pictured in FIG. 8, is displayed: “Start Date”—“End Date” boxes require dates. The dates that are being requested are the Case Filed dates. For example, you may want to see the class action cases that were filed during the time period of Jan. 1, 1998 through Aug. 1, 2003 in which BR&B searched Nirvana's transactional information and Nirvana has suffered a loss. The dates should be entered as displayed above. Click OK.

The report will appear on your screen as pictured in FIG. 9.

You may: (a) view this entire report on the web; (b) print the report; (c) download the report to an Excel spreadsheet; or (d) search for a particular item. Search Feature: You may enter the name of any company, ticker symbol, cusip number in the search box field, and a window will be displayed with the search results. To Print this Report: Select “Printer-Friendly” above and “Download”. The Report will be displayed as pictured in FIG. 10. Choose File and Print (remember that all reports should be printed in “landscape”.) (Note: full printouts of the “Monitor” reports are shown in FIG. 11 and FIG. 12.) To Download to Excel: Choose the Excel option and “Download”.

C. Pending Claims Administration Report (Sorted by Claim File Deadline Date) and Pending Claims Administration Report (Sorted by Company)

What Are These Reports: These reports monitor the status of Nirvana's securities class action claims in cases settled from (DATE) forward (in both passive cases and those in which Nirvana may choose to take a more active role). It is an excellent tool for Nirvana and its Board to insure that it is complying with its fiduciary duty to collect all claims to which it is entitled. Cases listed on this report include both those cases in which Nirvana suffered a loss during the class period and those cases in which Nirvana could potentially have a claim (if part of the class period precedes the data baseline, further investigation needs to be made prior to the claim filing deadline). As notice of recovery is received by BR&B from your custodial bank, the case (and the amount received) will be moved from this report to the Claims Recovery Report.

Terms—Claim Status: CF Claim Filed RR Recovery Received CLINV Client Investigation Required CUSTCF Custodian Filed Claim N/A Not Applicable NC No Claim Per Plan of Allocation CFNR Claim Filed/Ineligible NCF No Claim on File TBF Claim To Be Filed

TBV Claim To Be Verified with Settlement Administrator This is How it Works: When a securities class action case is settled and settlement has been approved by the Court, BR&B will determine whether Nirvana has or may have suffered a loss in connection with the case. If Nirvana has suffered a loss in a settled case for which it may receive compensation, the case will appear on the Pending Claims Administration Report. Once a recovery has been received (and BR&B has been notified of the amount received) or it has been determined that Nirvana is not eligible to participate in the claims recovery for the case, the case will be removed from this report.

Listed on this report is the following information for each case: Company/Case Name; Ticker; Cusip/ISIN; Class Begin Date; Class End Date; Claim Deadline Date; Claims Administrator; Date Claim Filed; Claim Status; Trade Status; Estimated Market Loss; Eligible Loss.

How to Run The “Claims Administration” Reports: When you click on the report name, a screen, pictured in FIG. 13, is displayed: Click on “Continue to the report” Special Note: The Claims Administration reports are NOT date generated reports. Settled cases in which Nirvana is eligible or may be eligible to receive a recovery will be displayed on this report. Once a recovery is received by Nirvana, and BR&B has been notified of receipt, that particular case will be moved to the Recovery Reports.

The report will appear on your screen as pictured in FIG. 14.

You may: (a) view this entire report on the web; (b) print the report; (c) download the report to an Excel spreadsheet; or (d) search for a particular item. Search Feature: You may enter the name of any company, ticker symbol, cusip number in the search box field, and a window will be displayed with the search results. To Print this Report: Select “Printer-Friendly” above and “Download”. The Report will be displayed as pictured in FIG. 15. Choose File and Print (remember that all reports should be printed in “landscape”.) (Note: full printouts of the “Claims Administration” reports are shown in FIGS. 16 and 17.) To Download to Excel: Choose the Excel option and “Download”.

D. Claims Recovery Report (Sorted Claim File Date) and Claims Recovery Report (Sorted by Case Name)

What Are These Reports: These reports will list proceeds received by Nirvana per Nirvana's custodial information provided to BR&B. This is How it Works: When BR&B has been notified that Nirvana has received notice of a recovery check from a claims administrator representing Nirvana's pro rata share of a settlement fund, (which was the result of a claim filed by your custodial bank) BR&B will keep track of these recoveries received by date of recovery with the amount of each recovery.

Listed on this report is the following information for each case: Company/Case Name; Ticker; Cusip/ISIN; Claims Administrator; Recovery Forward Date; Recovery Amount Received; Estimated Market Loss; Eligible Loss.

How to Run The “Recovery” Reports: When you click on the report name, a screen, pictured in FIG. 18, is displayed.

“Start Date”—“End Date” boxes—require dates. The dates that you are being prompted to enter are the Recovery Forward Dates. For example, you may want to see all recoveries that BR&B has recorded for Nirvana for the time period of Jan. 1, 2003 through Aug. 1, 2003. The dates should be entered as displayed above. Click OK.

The Report will appear on your screen as pictured on FIG. 19. You may: (a) view this entire report on the web; (b) print the report; (c) download the report to an Excel spreadsheet; or (d) search for a particular item. Search Feature: You may enter the name of any company, ticker symbol, cusip number in the search box field, and a window will be displayed with the search results. To Print this Report: Select “Printer-Friendly” above and “Download”. The Report will be displayed as pictured on FIG. 20. Choose File and Print (remember that all reports should be printed in “landscape”.) (Note: full printouts of the “Recovery” reports are shown on FIGS. 21 and 22.) To Download to Excel: Choose the Excel option and “Download”. Note: The recovery information listed on the sample/draft Claims Recovery reports attached hereto contain claims recovery information that Nirvana and/or its custodial bank has furnished to BR&B.

End of Instruction Manual

FIG. 23 shows another example of an Activity Filings Report (all inclusive, by company) for a second client.

FIGS. 24-31 shows a full set of reports similar to those shown in FIGS. 6-7, 11-12, 16-17 and 21-22 for a third client.

To illustrate the feature wherein potential market losses are identified, the Class Action Activity Filings Reports show a disproportionate percentage of lawsuits where the financial entity has a potential market loss. For a typical financial entity, most of the entries in this report would show a trade status of NACT (no activity), and thus no estimated market loss.

II. Description of Barrack Rodos & Bacine's Proprietary Database and Reporting System for the Embodiment of the Present Invention Described Above.

1. Platform

a. The platforms used in the Barrack Rodos & Bacine reporting system are: Windows NT/2000/XP, Microsoft SQL Server and Microsoft Internet Information Server (IIS).

b. Programming languages are Transact-SQL, Perl, XML and XSLT.

2. User authentication

a. Users (clients)

-   -   i. A user visits the site and is redirected to a login page. The         user enters username and password, which is compared to         information in the database. If the user logs in correctly, the         system creates a session ID in the database associated with the         user, and stores a cookie on the user's browser containing the         session id. Subsequent visits during this session are         authenticated using this session id.     -   ii. Users are associated with clients in the database. The         system uses this relationship to determine what information to         show a user.     -   iii. The user is taken to the reporting home page, which is         customized for each client with a list of available reports         relating to securities cases. The user selects a report and is         asked to provide any requisite parameters (e.g. a range of dates         for the report), and is taken to the report itself The user can         also choose to download the report as a spreadsheet or view the         report in a printable format. Since the user is associated with         a given client in the database, he or she can only view that         client's reports.     -   iv. Reports access the “transactions”, “claim_file_dates”,         “claim_stats” and “claims_admin” tables in the database. Each         report uses a unique client identifier to identify information         for a particular client.

b. Users (Administrators)

-   -   i. An administrative user has the same login and session         maintenance as a client user. However, an administrative user is         not associated with a client, but rather is a member of an         administrator's group. As a member of this group, an         administrator can view any client's reports and can add and edit         clients as well as add and edit users.

3. Database diagram—See FIG. 32.

4. Computer code for report generation. The Appendix provides source code associated with the reports for the first embodiment of the present invention described above.

The report generating software is periodically executed, such as once every hour, so that the reports are current when accessed by the clients. The reports themselves are static information and are uploaded to a server site for 24 hour client access.

III. Creation and Maintenance of a First Database of Transaction Activity for a Financial Entity

The reports of FIGS. 1-22 reflect the transaction activity of the Nirvana Pension Fund. FIG. 33 shows a representation of transaction activity as obtained from the custodial records of the Nirvana Pension Fund. For illustration purposes only, the portfolio of this fund generally purchases a block of shares at the beginning of each year and sells the shares after five years. One exception is the shares of Guidant Corporation which were purchased and sold within a six week period.

The transaction activity correlates with the reports. For example, referring to FIGS. 6 and 33, Nirvana purchased 60,000 shares of Regeneron Pharmaceuticals on Jan. 2, 2003 and the class period for the Regeneron lawsuit is for any purchase from Mar. 28, 2000 to Mar. 30, 2003. Thus, Nirvana had an estimated market loss for this security. Nirvana had no transaction activity for Stellent, Inc. so the report shows no estimated market loss for this record. Likewise, there were no lawsuits filed for Home Depot during the search dates of the report, so there is no entry for Home Depot in the report even though Home Depot stock was purchased during the report period.

In one preferred embodiment of the present invention, the first database of transaction activity for a financial entity is obtained from the custodial records of each financial entity. The custodial records include trade data that allows a determination to be made as to whether a financial transaction falls within the class period for a given lawsuit. The manner in which custodial records are accessed, stored, filtered and maintained will depend upon recordkeeping practices and data storage formats of the custodian and the service provider (here, Barrack, Rodos & Bacine). Each custodian may store and download their custodial data in a different format and may have a different availability of historical data (e.g., one month of data, one year of data). The service provider will typically need to develop and maintain its own database of transaction activity since custodians usually cannot provide historical data for the financial entities, especially in immediate downloadable electronic form. Thus, the service provider may need to log onto the custodial records once per month, download the latest month of transaction data, and append it to its own database of past transaction data for the financial entity. In this manner, the service provider will always have a full set of transaction data for the financial entity. Thus, if five years from now, a lawsuit is filed for a class period that covers 2003, the service provider will already have the transaction activity for 2003 in its database. If a custodial bank always allows access to a complete historical database of transaction activity, then it may not be necessary to perform the piecemeal downloading and appending process to build the database of historical data.

Custodians provide transactional data in unpredictable and inconsistent formats. Accordingly, data must be retrieved and converted (parsed) into a unified format and the converted data placed into a common repository. The service provider uses the converted data to determine, for any given security, the client's holdings through a range of dates, detailed information about each transaction in the subject security, and the client's losses on those transactions, if any, during a specified time period.

Some custodial banks and their related websites that provide electronic access to custodial records of a financial entity are listed below:

State Street Bank: In-Sight On-line System (https://www.iisonline.statestreet.com/)

Bank of New York: INFORM (https://inform.bankofny.com)

Northern Trust: (http://www.northerntrust.com/)

The process for logging into these password-protected sites, accessing and searching the custodial records, and downloading the records is well-known and thus is not described further.

FIG. 34 is a schematic diagram of the custodial record retrieval and storage process. The service provider communicates with each custodian using the appropriate communication protocol to obtain the latest transaction activity and filters the data accordingly using a parsing engine or the like. In this example, two different financial entities are located at the same custodian 1. The filtered data is then stored in historical databases for each financial entity.

Some custodial banks do not allow custodial records to be electronically downloaded, but the custodial records can be printed out. Other banks may not even allow for electronic access to such records, but will provide periodic statements to their customers. For such banks, the printed records can be scanned into a database and filtered to be placed in the standardized format necessary for storage in the database shown in FIG. 34.

As discussed above, each custodial bank has a different log-in process. If the system is deployed for a large number of clients, then there will likely be a large number of custodial banks. To avoid the time-consuming process of logging into each of the custodial bank, scripts are preferably written for each custodial bank so that the log-in and record accessing process can be automated.

IV. Creation and Maintenance of Second Database of Securities Class Action Lawsuits

Many databases exist that contain securities class action lawsuits. One publicly accessible database is the Index of Filings maintained by the Stanford Law School Securities Class Action Clearinghouse, in cooperation with Cornerstone Research. This database is accessible at the following website: http://securities.stanford.edu/companies.html. Any such database may be used as the second database of the present invention. In one preferred embodiment of the present invention described in the previous figures, a proprietary database is created and maintained using a semi-customized commercially available legal matter management system from LegalEdge™ Software, Wayne, Pa. The software is also used for tracking client data. Specifically, if a financial entity has a potential monetary claim, the software is used to store the information associated with the claim that is shown in the reports above (e.g., estimated market loss, eligible loss, recovery received)

FIGS. 35-39 show sample input screens for entering the lawsuits and tracking client data. FIGS. 36-39 show information for the Cendant Corporation lawsuit that appears in the reports.

The Private Securities Litigation Reform Act (PSLRA) of 1995 includes a notice provision that reads, in part, as follows:

-   -   Not later than 20 days after the date on which the complaint is         filed, the plaintiff or plaintiffs shall cause to be published,         in a widely circulated national business-oriented publication or         wire service, a notice advising members of the purported         plaintiff class—         -   (I) of the pendency of the action, the claims asserted             therein, and the purported class period; and         -   (II) that, not later than 60 days after the date on which             the notice is published, any member of the purported class             may move the court to serve as lead plaintiff of the             purported class.             These notices are thus readily available from a wide variety             of electronic media sources and can be located almost             immediately on a daily basis. For example, a daily search on             Yahoo Advanced News using key words that typically appear in             such notices can be run to locate the lawsuits. Newspapers             such as the New York Times, USA Today and Investor's             Business Daily can also be monitored for such notices.             Settlements notices are also posted in these sources. Once a             new lawsuit is identified or a status change of existing             lawsuit is identified (e.g., change in class period,             settlement announcement), then the second database (here,             the LegalEdge database) must be updated accordingly.

V. Estimated Market Loss Calculation

If a potential monetary claim is identified for a financial entity based on a newly entered lawsuit, then an estimated market loss calculation is performed. The result is entered into the Transactions window of LegalEdge, as shown in FIG. 38.

One method of calculating the estimated market loss is the “first-in/first-out (FIFO) method as described below:

i. Background

Plaintiffs in securities class action lawsuits are required to sign a Certification which includes a listing of all purchases and sales of securities of the named defendant company during the stated Class Period. For each purchase or sale, the trade date, number of shares, and price per shares are listed. Under the law, it is the actual price paid or received that must be used and not an “average” price and only shares purchased during the class period are allowed to obtain recovery. To compute the loss for shares purchased in the Class Period, generally speaking, sale proceeds from shares purchased during the period are subtracted from the cost of those shares and the “retained value” is subtracted from the purchase price of shares purchased and retained during the class period. The “retained value” is the average of the closing prices for the 90 day period following the end of the Class Period (15 U.S.C. §78u-4(e)).

ii. “FIFO” Method

To precisely compute the loss for shares sold during the class period, it is necessary to match each share sold with a prior purchase. As it is generally impractical to search for the actual stock certificate numbers connected with each purchase and sale—particularly when dealing with the volume of transactions typical of an institution seeking to serve as lead plaintiff—courts have generally recognized the “first-in, first-out” accounting method to match class period sales to prior purchases and calculate loss. The first-in, first-out, or “FIFO” method, assumes that the earliest acquired shares are sold first. No loss or gain is computed on shares purchased before the class period even if the shares are sold in the class period, because the law only permits calculations of gain or losses for those shares purchased in the class period. Thus, shares sold during the class period are first matched to the “prior balance” of shares purchased prior to the class period.

iii. Examples

The class period of the lawsuit is Feb. 1, 2000 through and including Aug. 4, 2000. The transaction records indicate that the investment fund of the client purchased 2000 shares of XYZ company on Mar. 2, 2000 at $100/share and sold those same shares on May 29, 2000 at $50/share. One-half of the initial investment has been lost, as shown on the chart in FIG. 40. However, if the fund had a beginning balance on Feb. 1, 2000 of 100,000 shares, then the above 2000 shares sold would not be matched against the 2000 shares purchased on Mar. 2, 2000, but would be matched against the beginning balance of 100,000 shares. If the stock continued to decline to a retained value of $20.00 at the end of the class period, the loss would be $160,000, as shown on the chart in FIG. 41.

The estimated market loss calculation may be manually calculated or may be automatically calculated based on preprogrammed algorithms. In either instance, it is preferable to use a spreadsheet for the calculation, such as an Excel spreadsheet. In one preferred embodiment of the present invention, a link is provided on the reports shown in FIGS. 5, 10, 15 and 20 which allows the client to access and view the spreadsheet. The link is not shown in these figures, but is preferably provided adjacent to each estimated market loss value.

VI. Eligible Loss Calculation

If or when a lawsuit settles for which an estimated loss value exists, then an eligible loss calculation is performed. The result is entered into the Transactions window of LegalEdge, as shown in FIG. 38.

The eligible loss is determined using the formulas contained in the Plan of Allocation, developed by experts hired by plaintiffs' counsel in a securities class action and are unique to the class action in question. The formulas, which differ for each securities class action are completely out of the control of the claimants in that action (although class members can and sometimes do object to a Plan of Allocation before a court gives final approval to the settlement and allocation).

In the Cendant case, the Nirvana Pension Fund purchased 70,000 shares of CUC Corp. (the predecessor to Cendant) on Jan. 2, 1996 at $23.00 per share & sold those shares on Dec. 31, 2001 at $19.61 per share, as shown in FIG. 33.

Nirvana's eligible loss for Cendant is calculated as follows:

In accordance with the Plan of Allocation approved by the Court and described in detail in the Notice of Settlement of Class Action issued at the direction of the Court on Apr. 7, 2000, for CUC shares purchased between May 31, 1995 and Aug. 28, 1998, that were still held as of Aug. 28, 1998, the Loss Amount is the per share amount indicated in Table A attached to the Plan of Allocation for the date that share was purchased. The Loss Amount for Jan. 2, 1996 is $2.47. Thus, Nirvana's eligible loss is 70,000×$2.47 or $172,900.

The eligible loss calculation may be manually calculated or may be automatically calculated based on preprogrammed algorithms. In either instance, it is preferable to use a spreadsheet for the calculation, such as an Excel spreadsheet. In one preferred embodiment of the present invention, a link is provided on the reports shown in FIGS. 15 and 20 which allows the client to access and view the spreadsheet. The link is not shown in these figures, but is preferably provided adjacent to each estimated market loss value.

VII. Additional Disclosure

The present invention may be implemented in a variety of different ways. In the embodiment of the invention described above, the service provider maintains historical transaction data for a plurality of financial entities and is provided access to new transaction data. Likewise, a second database of lawsuits is maintained. Whenever any new lawsuits are added to the second database or if the record for a lawsuit already existing in the database is modified or updated (such as by changing the class period), the transaction activity for each financial entity is reviewed to identify any securities purchased or acquired by each financial entity that are associated with the securities class action lawsuit and which may provide a potential monetary claim for the respective financial entity. If a settlement is announced in a lawsuit that exists in the database, eligible loss calculations are automatically or manually performed for all estimated loss entries.

If a new financial entity (client) is added to the system, there will be an agreement between the client and the service provider regarding how far back in time the transaction activity will be checked. This will depend upon the availability of the transaction records and other practical considerations. Initially, all of the transaction activity will be checked against every lawsuit in the second database. Thereafter, only new or modified lawsuit records will need to be checked.

In an alternative embodiment of the invention, the report module is not necessarily used. Instead, the following steps are performed:

1. A database of transaction activity is accessed for one or more financial entities. The transaction activity includes for each financial entity, an identification of each security purchased or acquired; and the date of each purchase or acquisition.

2. A database of a plurality of securities class action lawsuits is accessed. The database includes for each lawsuit an identification of all securities associated with the class action lawsuit, and the class period of the lawsuit.

3. The transaction activity of the one or more financial entities is automatically compared with the database of the securities class action lawsuit.

4. Any securities purchased or acquired by each financial entity during the class period that are associated with a securities class action lawsuit are identified. The identified securities may provide a potential monetary claim for the respective financial entity.

This alternative embodiment may be used for a financial entity that may not wish to subscribe to a service that can provide up-to-date reports and follow-up monitoring of relevant lawsuits. Such a financial entity may upload its own trading records if no automated custodial bank access can be facilitated or if no custodial records are readily available. The financial entity may receive a report of any potentially relevant lawsuits, but no permanent, retrievable report records will be established or maintained at the service provider for the financial entity.

The volume of data in the system (both transaction records and lawsuits), the speed of the system computers, and other practical considerations will determine how frequently and how thoroughly comparisons are done between transaction records and lawsuit records. Notwithstanding these factors, the searches are always redone if the class period of a previously entered lawsuit changes. This typically occurs upon settlement when the class period is often narrowed. If no changes are made to the class period or settlement status of a particular lawsuit, then it is typically not necessary to rerun a search of the security associated with the lawsuit against the transaction activity of a financial entity because no new reportable information would be identified. That is, if new transaction activity is added for the financial entity, then it is not likely that the new activity would result in an estimated market loss since the class period for the lawsuit would always be a time period prior to the new transaction activity.

To select the appropriate “Action Recommended” terms for entry into the reports, it is typically necessary for a technical expert such as a securities class action attorney an/or an accountant to manually analyze the client's holdings with respect to the claims made in the lawsuit and the total securities holdings of the company subject to the lawsuit. However, some selected actions can be automatically determined based on preprogrammed algorithms. For example, the PSLRA includes a presumption that the lead counsel may be the person who “has the largest financial interest in the relief sought by the class.” If the eligible class members of a lawsuit are those who purchased stock during the class period, then an initial recommendation can be made by automatically determining what percentage of the company's total stock was purchased by the financial entity during the class period. If the percentage is greater than a predetermined value, then lead counsel may be recommended. Alternatively, if the percentage is less than a predetermined value, the action of only monitoring the case may be recommended. If the percentage is extremely low, the action recommended may be automatically selected to be “none.” Estimated loss value thresholds may also be used to automatically select these recommendations.

The present invention allows a financial entity to more easily fulfill its fiduciary duty to evaluate its position with respect to any given securities class action lawsuit, and track any identified potential market loss through the conclusion of a lawsuit. The all inclusive Class Action Activity Filing Report is particularly helpful since a financial entity can quickly respond to inquiries as to whether the financial entity has a potential market loss with respect to any particular lawsuit. The Pending Class Action Monitor Report is particularly useful in that it allows a financial entity to get a comprehensive overview of only the lawsuits that provide a potential monetary claim, as well as the estimated market loss. This allows the financial entity to quickly determine which lawsuits to focus attention on, especially if an active role in the lawsuit is recommended.

3. Detailed Disclosure of a Second Embodiment of the Present Invention

The second embodiment of the present invention is an enhanced version of the first embodiment, and is also marketed under the trade name BEAMS®. The enhancements include the ability to create a report of noteworthy cases and a watchlist report. Certain “Trade Status” terms, “Action Recommended” terms, and “Claim Status” terms are different in the second embodiment. The terms used in the second embodiment are as follows:

1. Trade Status Terms: Activity ACT Activity/Foreign Only ACTFGN Activity/Bonds & Foreign Only ACTFGNBONDS Activity/No Claim ACTNC

Activity w/Profit ACTPFT

Bonds Only BONDS

INSPHONE client contacted (awaiting response) CONTACT

DataNotAvailable D/N/A Detail Info Not Available DET/N/A DataIncomplete DINC DataIncomplete/Activity DINCA DataIncomplete/NoActivity DINCN Data Incomplete/Profit DINCP Data Incomplete Sales Activity DINCS Institutional Phone Client INSPHONE No Activity NACT Not Contacting INSPHONE Client NCONTACT No Purchased in Class Period NPRCHS Activity—BRB Not Counsel of Record OTHER Transactional Information Requested REQUEST Sales Activity Only SACT Search Pending SRCHPEND Expanded Class Period Search Pending SRCHPENDEX To Be Contacted TBCONTACT 2. Action Recommended Terms: Calculation Under Review CALUR Chart in Progress CHINPROG Extended Class Chart In Progress CHESIPROGEX Recommended File Derivative Action FDA Recommended File Individual Action FIA

Institutional Phone client INSPHONE

Investigate INV Loss Outside of Period/Possible Individual Action LOCP Monitor M Monitor/Active MA Monitor/Active/Lead Not Recommended MALNR Monitor/Passive MP Monitor/Pending Statement MPS None N Not Applicable N/A None/Claim Filed NCF None/Case Dismissed NDIS None/Distributed NDIST None/Recovery Received NRR Possible Claim PC

Awaiting Response from CustodianlClient PENDING

Partial Loss Outside of Period/Possible Individual Action PLOCP Recovery Forward RF Recommended Lead RL Recommended Lead/Appointed RLA Recommend Lead/Client Rejected RLCJ Recommended Lead/Moved RLM Search Pending SRCHPEND Expanded Class Period Search Pending SRCHPENDEX Eligible Loss Chart in Progress STCHINPROG Under Review UR Withdrew as Lead Plaintiff WITH 3. Claim Status Terms: Claim Filing Deadline has Passed CDP Claim Filed CF Claim Filed/Ineligible CFNR Client Investigation Required CLINV Custodian Notified of Upcoming Claim Deadline CN Custodian Filed Claim CUSTCF Funds Distributed DIST Not Applicable N/A No Claim NC No Claim on File NCF Opted-Out OPTOUT Recovery Received RR To Be Filed TBF To Be Verified TBV

FIGS. 42A and 42B are user interface display screens for showing company information. The company information is the financial entity that has enrolled in the service.

FIGS. 43 and 44 show litigation player relationships and litigation matter information.

FIG. 45 shows important transaction dates related to a particular litigation.

FIG. 46 is a sample loss chart for the holdings of a particular financial entity.

FIG. 47 is a sample financial summary chart for the holdings of a particular financial entity.

FIG. 48 shows transaction data for a particular financial entity related to a particular security associated with a class action lawsuit.

FIG. 49 is a sample retention value summary report that shows market pricing data for a particular security associated with a class action lawsuit.

The information shown in FIGS. 42A, 42B and 43-49 is used in the same manner as described in the first embodiment.

FIG. 50 shows a sample “Recent Noteworthy Cases” report. Noteworthy cases are identified as such by the entity that administers the system (e.g., Barrack, Rodos & Bacine). The criteria for being a noteworthy case (i.e., lawsuit) may be lawsuits where the potential market loss for all eligible parties is greater than a predetermined value. Alternatively, other criteria may be used in combination with, or instead of, financial value.

FIGS. 51A and 51B show a sample Class Action Activity Filing Report.

FIGS. 52A and 52B show a sample Pending Class Action Monitor Report.

FIGS. 53A and 53B show a sample Pending Claims Administration Report.

FIG. 54 shows a sample Claims Recovery Report.

FIG. 55 shows details for a particular lawsuit that has a potential loss for a particular financial entity. From this display screen, the user may add this lawsuit to the watchlist.

FIG. 56 shows a sample watchlist. The watchlist includes a subset of lawsuits in the lawsuit database that are identified by the user as lawsuits of particular interest. If a lawsuit has a potential monetary claim for the user, the report shows the claim. Here, five of the six entries have potential monetary claim. A lawsuit will remain on the watchlist until the user manually deletes it.

FIG. 57 is a self-explanatory entity relationship diagram of the database associated with the second embodiment of the present invention.

As discussed above in the first embodiment of the present invention, one method of calculating the estimated market loss is the “first-in/first-out (FIFO) method. In an alternative embodiment, the estimated market loss may be calculated using the “last in/first out (LIFO) method.

The present invention may be implemented with any combination of hardware and software. If implemented as a computer-implemented apparatus, the present invention is implemented using means for performing all of the steps and functions described above.

The present invention can be included in an article of manufacture (e.g., one or more computer program products) having, for instance, computer useable media. The media has embodied therein, for instance, computer readable program code means for providing and facilitating the mechanisms of the present invention. The article of manufacture can be included as part of a computer system or sold separately.

It will be appreciated by those skilled in the art that changes could be made to the embodiments described above without departing from the broad inventive concept thereof. It is understood, therefore, that this invention is not limited to the particular embodiments disclosed, but it is intended to cover modifications within the spirit and scope of the present invention. 

1. A computer program product for creating reports of noteworthy securities class action lawsuits customized to show potential monetary claims resulting from the lawsuits for securities purchased or acquired by one or more financial entities, the computer program product comprising computer-readable media encoded with instructions for execution by a processor to perform a method comprising: (a) maintaining a database of securities class action lawsuits, the lawsuit database including a subset of lawsuits that are deemed to be noteworthy by the entity that administers the system, and for each financial entity; (b) automatically comparing in the processor transaction activity of a financial entity with records in the database subset of securities class action lawsuits to identify any securities purchased or acquired by the financial entity that are associated with a securities class action lawsuit in the lawsuit database and which may provide a potential monetary claim for the financial entity; and (c) automatically creating a report of the noteworthy lawsuits, and for the lawsuits that were identified in step (b) and which are deemed to be noteworthy, including in the report the potential monetary claim for the financial entity based on the transaction activity of the financial entity.
 2. The computer program product of claim 1 wherein the lawsuits that are deemed noteworthy are lawsuits where the potential market loss for all eligible parties is greater than a predetermined value.
 3. The computer program product of claim 1 wherein the report includes a lead motion due date, and wherein the computer-readable media is encoded with instructions for execution by the processor to perform a method further comprising: (d) automatically deleting the lawsuit from the report when the lead motion due date passes.
 4. The computer program product of claim 1 wherein step (b) is performed by: (i) accessing a database of transaction activity for a financial entity, the transaction activity including: (A) an identification of each security purchased or acquired, and (B) the date of each purchase, sale and acquisition; (ii) accessing a database of securities class action lawsuits, the lawsuit database including pending securities class action lawsuits, the lawsuit database including for each lawsuit: (A) an identification of all securities associated with the class action lawsuit, and (B) the class period of the lawsuit; (iii) automatically comparing in a computer the transaction activity of the financial entity with the securities class action lawsuits in the lawsuit database; and (iv) identifying any securities purchased or acquired by the financial entity during the class period that are associated with an entered securities class action lawsuit, wherein the identified securities may provide a potential monetary claim for the financial entity.
 5. The computer program product of claim 1 wherein the computer-readable media is encoded with instructions for execution by the processor to perform a method further comprising: (d) accessing custodial records of the financial entity to obtain the transaction activity for the financial entity.
 6. A computer program product for creating watchlist reports of securities class action lawsuits of interest to financial entities customized to show potential monetary claims resulting from the lawsuits for securities purchased or acquired by one or more financial entities, the computer program product comprising computer-readable media encoded with instructions for execution by a processor to perform a method comprising: (a) maintaining a database of securities class action lawsuits, and for each financial entity; (b) maintaining a watchlist database of lawsuits which includes a subset of lawsuits in the lawsuit database that are identified by the financial entity as lawsuits of particular interest; (c) automatically comparing in the processor transaction activity of a financial entity with records in the database subset of securities class action lawsuits to identify any securities purchased or acquired by the financial entity that are associated with a securities class action lawsuit in the lawsuit database and which may provide a potential monetary claim for the financial entity; and (d) automatically creating a watchlist report of the watchlist lawsuits, and for the lawsuits that were identified in step (c) and which are on the watchlist, including in the watchlist report the potential monetary claim for the financial entity based on the transaction activity of the financial entity.
 7. The computer program product of claim 6 wherein the watchlist report further includes an action recommended to be taken by the financial entity for the lawsuits that were identified in step (c).
 8. The computer program product of claim 6 wherein the watchlist report further includes the case status for each of the lawsuits.
 9. The computer program product of claim 6 wherein step (c) is performed by: (i) accessing a database of transaction activity for a financial entity, the transaction activity including: (A) an identification of each security purchased or acquired, and (B) the date of each purchase, sale and acquisition; (ii) accessing a database of securities class action lawsuits, the lawsuit database including pending securities class action lawsuits, the lawsuit database including for each lawsuit: (A) an identification of all securities associated with the class action lawsuit, and (B) the class period of the lawsuit; (iii) automatically comparing in a computer the transaction activity of the financial entity with the securities class action lawsuits in the lawsuit database; and (iv) identifying any securities purchased or acquired by the financial entity during the class period that are associated with an entered securities class action lawsuit, wherein the identified securities may provide a potential monetary claim for the financial entity.
 10. The computer program product of claim 6 wherein the computer-readable media is encoded with instructions for execution by the processor to perform a method further comprising: (e) accessing custodial records of the financial entity to obtain the transaction activity for the financial entity. 